Dominica Company Formation
A Dominica International Business Company (IBC) is an excellent, tax-efficient way for international business people to conduct business. The following information will help you determine whether Dominica company formation is the optimum corporate structure to fulfill your international business objectives: |
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Advantages of Dominica Company Formation |
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| 1. | A minimum of one shareholder and one director is required for Dominica company formation. The shareholder and director need not be a resident in Dominica and can be the same person. Corporate shareholders and directors are permitted. |
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| 2. | There are no minimum capital requirements to complete Dominica company formation. |
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| 3. | There is no public register of shareholders, directors or beneficial owners with Dominica company formation, thus preserving Client confidentiality. In accordance with Section 112 of Dominica's IBC Act, it is an offence for anyone to reveal any information regarding a Dominica corporation, except when related to criminal activity. |
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| 4. | Following Dominica company formation, no annual audited financial statements or tax returns are required. Thus, it is convenient and cost-effective to maintain a Dominica company in the long-term. | ||||
| 5. | Dominica company formation is a legitimate corporate structure which, if properly structured, can house international tax-exempt profits. A Dominica company is also legally exempt from withholding tax, capital gains tax and value added tax (VAT). |
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| 6. | Healy Consultants can open a corporate bank account to support Dominica company formation in the jurisdiction of your choice. Healy Consultants works with internationally recognised banks such as HSBC, Standard Chartered and Citibank to provide corporate bank account services. |
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Disadvantages of Dominica Company Formation |
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| 1. | Dominica company formation may be perceived as a tax haven structure. |
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| 2. | A Dominica IBC cannot undertake banking, trust and insurance or re-insurance business without prior government approval. In addition, it cannot own property. |
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| 3. | Dominica poorly ranks as the 34th least corrupt country in the world, according to the 2009 Corruption Perceptions Index by Transparency International. |
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| 4. | Dominica company formation is a relatively time consuming and tedious process. According to the World Bank's Doing Business 2010 Survey, Dominica poorly ranked as the world's 83rd easiest place to do business in the world. |
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Considerations for Offshore Company Formation |
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| 1. | Offshore companies can be an excellent, tax-efficient vehicle for entrepreneurs to conduct their international business. When selecting an offshore jurisdiction, it is important to evaluate variables such as i) its international reputation for conducting business, ii) legalities that govern investor activity iii) the stability of its economy iv) the political stability of the market. |
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| 2. | While offshore corporations can have the significant advantage of legitimately minimising tax obligations, there can also be the disadvantage of carrying the tax haven stigma associated with some jurisdictions. More information on Healy Consultants offshore company services can be found on the following pages: |
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| Contact Us | |||||
For more information on Dominica company formation, email email@healyconsultants.com or telephone us at (+65) 6735 0120. |
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Buy a copy of the Healy Consultants' Asia Business Set Up book, to order call +65 6735 0120 or e-mail email@healyconsultants.com
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